Profit statements

Yang Ming posts 2.1% drop in net profit

  • By Kao Shih-ching / Staff Reporter

Yang Ming Marine Transport Corp (陽明海運) yesterday reported a 2.1% drop in net profit to NT$49.75 billion ($1.56 billion) for the third quarter of this year, marking the result quarterly lowest this year.

In a statement, the company attributed the year-over-year decline to soaring inflation, Russia’s invasion of Ukraine and logistical disruptions.

Third-quarter revenue grew 4.5% year-on-year to NT$99.81 billion, but the pace of the increase was down from the high double-digit percentage growth in the first half of this year, according to company data.

Photo courtesy of Yang Ming Marine Transport Corp

Earnings per share were NT$14.25, compared to NT$15.9 in the second quarter and NT$17.35 in the first quarter.

In the first three quarters, net profit rose 51% year-on-year to NT$165.85 billion, with earnings per share of NT$47.5.

“With the uncertainty in global politics and the economy, we have a cautious outlook for the fourth quarter,” Yang Ming said.

Separately, Evergreen Marine Corp (長榮海運), Taiwan’s largest shipping carrier by fleet, reported flat quarter-over-quarter net profit for the third quarter, saying it had no been impacted by declining freight rates and industry headwinds.

Year-on-year, third-quarter net profit increased 26% to NT$100.7 billion, from NT$102.3 billion in the previous quarter and NT$101.3 billion in the first quarter, according to company data.

However, rising operating costs pushed its gross margin down to 66.37% in the last quarter, from an average of 69% in the first half of the year.

Cumulative net profit was NT$304.35 billion in the first three quarters, up 92% year on year, with earnings per share of NT$68.88, it said. .

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